If you have a motorcycle, then you need insurance specifically for that type of vehicle.
Motorcycle insurance is different from auto insurance in that it only covers motorcycles operated by a licensed motorcycle driver.
Most states require motorcycle owners to purchase specialized motorcycle insurance.
What is Motorcycle Insurance?
Motorcycle insurance or recreational vehicle insurance is a policy that covers you, your vehicle, and depending on the type of policy you opt for, any potential passengers if an accident occurs.
Basic motorcycle insurance covers things like medical bills in the case of an accident, bike replacement, collision coverage in the event of an accident, and comprehensive coverage (which helps cover damage to your motorbike if it stolen or otherwise damaged in an incident that isn’t a collision).
You may also want passenger liability coverage if you intend to take friends or family for rides on a regular basis.
Why Do You Need Motorcycle Insurance?
If you have a motorcycle or other type of recreational vehicle like an ATV (all terrain vehicle) or snowmobile, then you need additional insurance to protect yourself and anyone else who uses or rides on the vehicle, along with any potential damage to the motorcycle or other recreational vehicle itself.
Owning and operating a motorcycle or related recreational vehicle means that you need to carry motorcycle insurance – both for your own protection and because that’s what’s required to legally drive a motorcycle in every U.S. state.
The type of motorcycle or other recreational vehicles you own, your location, where they are normally parked (in a garage or on the street), and other factors like your age, and marital status may affect the cost of your motorcycle insurance.
Being an experienced driver (meaning you’ve held a driver’s license for a predetermined time period without incident) or even completing safety courses can also lower your rates – check with your insurance agent for details.
You may also want to consider buying extra liability that extends over and beyond state limits to protect yourself and your assets.
What Type(s) of Motorcycle Insurance Do You Need?
You definitely need collision, comprehensive, liability, and new bike replacement insurance; you may also want better bike replacement, accessory coverage, and twenty-four hour roadside assistance.
Note that you may be able to receive a discount on your motorcycle insurance if you’ve completed an eligible motorcycle safety course in the past 3 years, and if you’re considered an “experienced driver” meaning you’ve had your motorcycle license for 3 years or longer without an incident.
How Do You Choose the Right Type of Motorcycle Insurance?
The type and amount of motorcycle insurance that you need depends on the value of your vehicle, your age, location, and several other factors.
Every state in the U.S. has their own mandatory minimums and related rules, so you should always work with your own insurance agent who has experience and a solid understanding of your state’s distinct laws and regulations surrounding motorcycle insurance.
Furthermore, every U.S. state does require drivers to carry insurance for both bodily injury and property damage, but the minimum can range from $30,000 to $100,000 depending on the state.
Motorcycle insurance can cover some or all of the following issues depending on your policy:
- Medical bills for the insured party (e.g. if you or your passenger suffer bodily injury during an accident or collision)
- Property damage caused by the insured party (if you cause damage to another vehicle or other property during a collision or accident)
- Physical damage to the insured vehicle
- Damage to third parties (this covers both the vehicle and the people in it, property damage and bodily injury)
- Damage such as fire and theft
- Costs for towing the vehicle to a mechanic for repairs
- Accidents or collisions involving uninsured motorists
Do You Need Uninsured Motorist Insurance?
Chances are that you do, because this protects you from damages caused by another driver who doesn’t carry insurance (you may have to pay a premium for this coverage).
What Other Types of Insurance Are Related to Motorcycle Insurance?
Other types of auto or vehicle insurance tend to be offered by the same providers, but if you own and operate a motorcycle, you need to carry specialized motorcycle insurance.
You can likely save on your motorcycle insurance if you bundle with your home, auto, or other coverage – just ask an ASCO Insurance representative how you save on a plan tailored to you.